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Ymorist [56]
3 years ago
8

A company deposits $2000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5

years. If the bank pays 8% interest, how much would be in the account at the end of 15 years?
Business
1 answer:
Reika [66]3 years ago
6 0
At the end of the first 10 years, the amount in the account is
$2000*[1+1.08+1.08^2+1.08^3+ ... + 1.08^9]
= $2000 [ (1.08^10 - 1) / (1.08 - 1) ]
= $2000 (1.1589/0.08) = $28973.12

Interest then accrues for the next 5 years, bringing the total to
$28973.12 * [ (1.08)^5 ] = $42571.03

The "cents" in this calculation are unreliable, since the bank may round off to the nearest cent at the end of each compounding period.
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The federal organization charged with monitoring illegal workplace discrimination is called the: select one:
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The most common measure of inflation is a statistic called the
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5 0
3 years ago
Sheffield’s Manufacturing Company can make 100 units of a necessary component part with the following costs: Direct Materials $1
larisa [96]

Answer:

Company Save  $37000 by Buying

Explanation:

given data

make component part = 100 units

Direct Materials = $122000

Direct Labor = 34000

Variable Overhead = 55000

Fixed Overhead = 30000

purchase the component = $200000

fixed costs = $4000

to find out

make or buy decision

solution

first we find here Total Cost for Making component part

total cost = Direct Materials + Direct Labor + Variable Overhead + Fixed Overhead ..............1

put here value

total cost for make =  $122000 + 34000  + 55000 + 30000

total cost for make = $241000

and

now we find here Total Cost for buying component part

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put here value we get

total cost for buying = $200000 +  $4000

total cost for buying  = $204000

so

we can say Company Save =  $241000 -  $204000   = $37000 by Buying

5 0
3 years ago
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